Bed Bath & Beyond sales beat expectations as the company’s three-year transformation gets underway

Bed Bath & Beyond Inc. shares rose 5.7% in Wednesday premarket trading after the home goods retailer reported fiscal first-quarter sales that beat expectations and comparable sales grew versus the same period pre-pandemic.

Sales of $1.954 billion were up from $1.307 billion last year and ahead of the FactSet consensus for $1.873 billion. Coupled with the impact of the COVID-19 pandemic in 2020, it makes a year-over-year comparison difficult, but Chief Executive Mark Tritton told MarketWatch that investors should take note of “the pivot we’ve created, and it’s sustainable.”

The FactSet consensus is for sales of $2.020 billion, a comparable sales decline of 0.1% and EPS of 51 cents.

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